Thai investor Bee Taechaubol has a 'pre-contract' signed with AC Milan owner Silvio Berlusconi.Sky Italia reports Mr Bee will be in Italy later this month after he and Berlusconi signed a preliminary agreement for the sale of 20% of Milan. The share ownership will rise to 65% inside 12 months.

Berlusconi can change his mind, but the deal includes heavy penalty fees if he does.

The value of Milan is set at €1.2 billion and Mr Bee will pay €780 million over the next year to take 65% of the club.

Mr Bee will have Pablo Victor Dana, a financial expert, installed as the club's CEO.